The metaverse is Unbanked Newsletter For a weekly level up on the NFT and on-chain frontier
Dear unbanked nations,
A few months ago, I wrote about how 2024 will be a year of big growth. Ethereum, Bitcoin, Solana NFT scene.
I’ve written extensively about the Ethereum NFT ecosystem and quite a bit about Bitcoin, but I’ve yet to write a primer on the Solana NFT space.
Well then, let’s change it to today’s post!
So here’s a quick beginner’s guide to walk you through the basics of the Solana NFT standard, popular collections, and how to get started 👇
-WMP
👉 Kraken NFT was created for secure NFT transactions. ✨
introduction: Like Ethereum, Solana A smart contract blockchain that facilitates common applications from DeFi to NFT use cases and beyond. The fundamental difference between Ethereum and Solana lies in their design philosophy.
tightly woven as one: Ethereum uses a “modular” approach that balances decentralization, security, and scalability requirements through external data availability (DA) and layer 2 (L2) scaling solutions. Solana, in contrast, takes a “monolithic” approach to handling all execution, data, and security requirements. Both methods have pros and cons. Solana’s key differentiator is how it optimizes speed within a single, shared global state.
Perfect for NFTs: Due to Solana’s architectural choices, the chain is designed to support thousands of transactions per second (TPS). Additionally, there is no “gas price” for Solana transactions as the network has not yet introduced usage-based pricing. Therefore, the current Solana fixed fee cost per transaction is 0.000005 SOL. This speed and affordability has created fertile ground for the network’s emerging NFT scene.
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Just like Ethereum has ERC-721 and ERC-1155 standards and Bitcoin has ERC-721 and ERC-1155 standards. ordinal number For NFTs, Solana has its own NFT standard. I recommend Part 3 See Andrew Hong’s “Solana Analytics Starter Guide” series. If you want to learn more here are the basics:
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Legacy: Solana’s unique NFT standard was developed as follows: metaplex, a creator studio platform, is built as an extension of Solana’s SPL standard, which is roughly similar to Ethereum’s replaceable ERC-20 standard. Example project: kleinosaurus.
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pNFT: Programmable NFTs, also developed by the Metaplex team, are a token standard that introduces mandatory royalties, rules, etc. for Solana NFTs. Example project: Solana Monkey Business.
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cNFTs: Compressed NFTs leverage Solana’s state compression upgrade to efficiently compress large amounts of data into on-chain storage. This feature allows projects to save significantly on minting costs. For example, it currently costs 1 SOL to mint 2 million cNFTs. Example project: tensorian.
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xNFT: Executable NFTs are not a token standard per se, but allow projects to connect apps to their collections. for example, backpack The team uses the xNFT system to food raz Staking program within Backpack wallet.
NFT major: above 192 million NFTs To date, Solana is behind only Polygon and Ethereum in terms of total NFTs created so far. Starting in February 2024, Solana has also been working on: ~$5 billion worth of NFT trading volumeIt is currently the second most active chain for NFT trading after Ethereum.
Top Collection: Solana does not currently boast as many major NFT collections as Ethereum, but it does have a huge collection of its own. The largest collection on the network today is the previously mentioned Backpack. food razz The project is trading at a low of 206 SOL (~$22,000) and is currently the fourth-largest collection of NFTs by market capitalization on Ethereum, behind CryptoPunks, Bored Apes, and Pudgy Penguins. Having risen to this height, Mad Lads holders are now noticeably air drop target For a new multichain project with Pudgy Penguins bad kids In Cosmos.
Other popular collections: While Mad Lads is out of many people’s price range, Solana has many other collections that are more affordable and have garnered significant attention. Here are a few things that stand out right now:
You will need to set up a Solana wallet and earn some. brush Just like Ethereum NFTs require ETH to purchase Solana NFTs, the easiest way to obtain SOL is to purchase some at your cryptocurrency exchange of choice (e.g. Coinbase) and then transfer them to your personal wallet.
When creating your first wallet, you can’t fail fantasy, Magic Eden Walletor backpack. Phantom and Magic Eden both offer multichain support like Ethereum and Polygon wallets, while Backpack is optimized for interactive xNFT experiences.
Once you have your SOL, you are ready to start minting directly from NFT drops. In Metaplex, and explore Solana’s NFT marketplace. The most popular marketplaces today are: tensor and magic eden. The purchasing experience here is similar to what you are used to on Ethereum. Simply select the NFT of your choice, click the “Buy” option, authorize the transaction with your wallet, and you’re done.
Solana also offers a free mint where you can collect NFTs for free, in addition to transaction fees and associated platform fees. For example, one of the early popular platforms was: dripallows users to collect limited edition works from their favorite creators every week for free.
If you have a Solana NFT that you want to flip or move elsewhere, you can use Tensor or Magic Eden to list your NFT for sale. Again, the experience will be similar to what you are used to on the Ethereum marketplace. Select the NFT you want to sell, click on the “List” option, enter your desired selling parameters and approve the listing with your wallet.
If you’re interested in creating your own NFT, check it out. Metaplex Studio, 1/1, Open Edition, and Collection are now available on Solana. Unlike the highlights of Zora, Manifold, and Ethereum, I have yet to personally use Metaplex on the creator side, but it is without a doubt the best choice on the Solana NFT scene today.
Solana joins Ethereum and Bitcoin in the cryptocurrency economy’s largest NFT ecosystem. Clearly, Ethereum’s NFT scene is deeper and broader. There are many more diverse and rich niche markets, especially with L2 included. conceptual art to real assets. However, Solana’s NFT ecosystem appears to have reached escape velocity and is poised to grow deeper and broader over time.
So what happens next? My most likely scenario over the next few years is that Ethereum will still be dominant in NFTs, but all the major players, including Bitcoin, Solana, and maybe even Cosmos, will experience significant growth around NFTs at the same time. That said, I think it’s worth experimenting with all of these networks now to prepare for what’s to come!
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It is not financial or tax advice. This newsletter is strictly educational and does not constitute investment advice, a solicitation to buy or sell any asset, or a solicitation to make any financial decisions. This newsletter does not constitute tax advice. Consult your accountant. Do your own research.
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